DeFi lender Pike Finance loses $1.9M to two hacks in less than a week
Pike Finance has been Hack ed for the second time in four days, with losses across the two incidents totaling approximately $1.9 million. In response to the first hack, on April 26, the team immediately paused the protocol. However, this opened up a new vulnerability that was exploited between 21:45 and 22:20 (UTC) on April 30. Crypto security firm Ancilia quickly identified three malicious transactions on the Optimism, Arbitrum, and Ethereum networks. Ancilia states the attacker was able to ‘upgrade’ and take control of the Pike Finance contracts, which allowed them to withdraw the funds held within. The stolen assets were swapped to ETH and consolidated in the attacker’s Ethereum address before being deposited into privacy protocol Railgun. the contract was upgraded by the attacker pic.twitter.com/EoXHem7MBj — Ancilia, Inc. (@AnciliaInc) April 30, 2024 Read more: Hackers switching to centralized exchanges to fund crypto attacks The hack was acknowledged by the Pike t...